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Toronto Real Estate Update

The Etobicoke Waterfront (W06) Condominium sales were up 9.5 per cent in the third quarter of 2019 compared to Q3 2018. The average price of a condominium apartment increased by 2.3 per cent from $601,079 in Q3 2018 to $615,069 in Q3 2019.

Sales in The Greater Toronto Area reported 7,090 in November 2019 – a 14.2 per cent increase compared to November 2018. On a GTA wide basis, sales were up year-over-year for all major market segments.

Economic conditions continue to be favourable for job growth in the Greater Toronto Area and people continue to come to the city for work. Home ownership is important to many Canadians, and, as a relatively affordable housing option, condos in the GTA offer prospective buyers the chance to achieve their dreams of owning property,” Condominium apartments are obviously a popular choice amongst first-time home-buyers. Moreover, it is also important to remember that condominium apartments owned by investors represents a huge component of the GTA rental stock and certainly account for most additions to the rental stock, on net, over the past decade. With this in mind, a well-supplied condo segment will be important moving forward to ensure that we can keep up with population growth driven by a strong and diverse regional economy.